Business and construction loans are arguably two of the more complex loans that can be applied for. We completed both for one applicant in one smooth application.
The applicant was looking for a sea change but also wanted to expand his business in the area. His business was still in the development phase and as a result the most recent tax returns did not present favorably. Since the last tax period his business has grown to a level in which his income was more than sufficient to service/payback the loan required.
Just to make matters a little more challenging, rather than purchase an established property, the applicant wanted to purchase land and build their dream home.
So rather than:
- Wait until next financial year to apply for a loan
- Complete a Low Doc loan and face high interest rates
- Apply for an unsecured business loan and again face high interest rates.
We decided to take advantage of the ANZ Lending Pledge complete a dual application based on a cash flow and business plan on the applicant’s business. The lender used the cash flow forecast to service both the Business Loan and purchase of land, plus obtained pre-approval for the construction, all at once!
The applicant now has a business loan to expand his business in the area plus the funds to build the dream home for his family.
Does this sound like a senario that would help you? We love to help. Complete the form below or call 0407 349 246 and ask for Scott.
